Rolling out the new FAFSA
While the Department of Education's new FAFSA (Free Application for Federal Student Aid) ultimately will be beneficial to families because the form has been vastly simplified from the version used in past years, the rollout of the new FAFSA has been anything but smooth. There have been significant delays this year in the new form being made available to students and parents, and only now are colleges and universities beginning to receive the data they need to make financial aid awards to incoming students. A number of schools have pushed back the deadlines by which students need to commit to a particular school, and this has created an unsettled situation for both families and admissions departments.
Here's my advice to families who are waiting on financial aid offers before making a final decision: don't feel pressured to make a decision before you receive your financial aid awards from all the schools where you've been admitted. If necessary, contact the admissions offices at the schools that you think are still in play, and let them know that you're waiting on the financial aid offer.
In the meantime, you should have some idea at this point whether or not you'll qualify for need-based financial aid. On your completed FAFSA, there is a number called the Student Aid Index. This number is a rough estimate of what the Department of Education believes your family is able to pay this year toward your college education. If the college or university where you've been accepted meets 100% of your financial aid, you can the amount they ask you to pay to be close to this amount.
Colleges that don't promise to meet all of your financial need may instead come through with a generous merit-based aid package. If your grades and SAT scores are above the 75th percentile at a particular college, there's a decent chance, depending on the school, you'll be offered a merit-based package. So even without the specific offers from each college, you can estimate them. But I don't recommend committing to any school until all your offer letters arrive.
For more information about financial aid, use the contact form on my website to schedule your free one-hour consultation.
#iec
